Comparison of Measures of Core Inflation: A Reprint from ┐Economic Policy Review┐

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DIANE Publishing, 2008 - 19 pages
The ability of central banks to differentiate between permanent & transitory price movements is critical for the conduct of monetary policy. The importance of gauging the persistence of price changes has led to the development of measures of underlying, or ┐core,┐ inflation that are designed to remove transitory price changes from aggregate inflation data. This article examines several proposed measures of core inflation -- the ex food & energy series, an ex energy series, a weighted median series, & an exponentially smoothed series -- to identify a ┐best┐ measure. Evaluates the measures┐ performance according to criteria such as ease of design, & accuracy in tracking trend inflation. Charts & tables.

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